What's more is the fund's cofounders, Christopher Nygaard and Drew Gilbert, have left the firm, according to the report.

The fund lost 23% in 2014, according to the report. David Rubenstein and William Conway, two of Carlyle's cofounders, invested around $30 million of their own money in the fund, according to The Journal.

Carlyle did not return messages seeking comment in time for publication.

The fund is the latest specialist commodities trader to have been hit by an incredible plunge in commodity prices. The S&P GSCI commodity index, which is made up of the most liquid commodity futures, is down around 42% over the past 12 months.

On Monday, Bloomberg News reported that London-based Armajaro Asset Management will close its $450 million commodities fund after it fell around 11% in the first half of 2015.

Bloomberg also reported that Black River Asset Management is liquidating four hedge funds, including its commodities fund.

David Einhorn's Greenlight Capital and Greenlight Capital Re, the fund's reinsurer, have also been dragged down by the slump in gold prices.